China Evergrande winding-up hearing adjourns as it seeks new debt deal
Hong Kong court gives Evergrande five week extension to avoid liquidation after failed restructuring plan.
Company must come up with "concrete" revised plan by December 4th or face liquidation. $300B+ in liabilities, defaulted in 2021.
Company in talks with bondholders on new restructuring plan. Share prices fell 7%, previous plan included swapping bonds for equity and bonds of subsidiaries.
Winding up would send shockwaves through capital markets. Current plan has better recovery rate for creditors than liquidation. Bondholder supports extension, liquidation unlikely.
Top Shine filed winding-up petition in June due to failed share repurchase agreement.
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.
Read more
Comment
Sign in to post a comment
